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Art Capital: Mriya’s current debt stood at $1.1 bn

January 13, 2016 | Cbonds

CEO of Mriya Agroholding Simon Cherniavsky estimates company’s current total debt at around $1.1bn. Mriya is planning to repay the remaining $10mn in working capital debt by the end January but considering a new $55mn short-term credit facility to fund working capital needs in the current marketing year. In a big interview with Ukrainian website latifundist.com, Simon Cherniavsky mainly spoke about long-term strategy and relationships between all the stakeholders of the company. He noted that creditors remained hesitant to produce the final version of the restructuring plan which makes the company more flexible and efficient in terms of financing and strategic planning.

Art Capital view:
The interview abounds with strategic options and operational numbers but says very little about the current financial performance of Mriya. The only important message remains the same – the company and its creditor still continue the process of reviewing and approving the terms of the debt restructuring proposal. Mriya’s CEO Simon Cherniavsky still hopes that the official offer for bondholders and other creditors will be ready in the nearest future. We are waiting for the release of this document to assess possible losses for bondholders. Currently, MRIYA bond quotations indicate that less than 15% of par value could be recovered.

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